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Japan not keeping pace with global developments, new JBIC chief warns

Japan’s political system and economy are lagging behind global developments, the new head of the Japan Bank for International Cooperation warned Monday, as he vowed to fully support companies struggling to mount a charge.

"The politics and the economy of Japan are two or three laps behind the rest of the world," JBIC President Hiroshi Okuda, 79, said at his inaugural press conference. "I want to make the JBIC a renowned international financial institution."

JBIC, a state-owned policy-financing institution, was spun off from Japan Finance Corp., another state-owned corporation, on Sunday in an effort to help improve the competitiveness of Japanese firms seeking to increase their share of overseas business, such as infrastructure projects.